PA finishes fiscal year with $163M revenue shortfall

Pennsylvania collected $2.8 billion in General Fund revenue in June, which was $170.1 million, or 6.5 percent, more than anticipated, according to Secretary of Revenue Dan Meuser.

Despite the improved collections in June, the state finished the 2011-12 fiscal year, which ended June 30, slightly under projections.
 

Fiscal year 2011-12 General Fund collections totaled $27.7 billion, which was $162.8 million, or 0.6 percent, below estimate.

While the numbers missed the projections, the state's fiscal standing is much better than it was under former Gov. Ed Rendell, who ran up hundreds of millions of debt each year and left office with a $4.5 billion deficit.

Here's a recap of the June numbers from the Department of Revenue:

Sales tax receipts totaled $777.7 million for June, $45.5 million below estimate. Sales tax collections for the fiscal year totaled $8.8 billion, which was $15.8 million, or 0.2 percent, less than anticipated.

Personal income tax (PIT) revenue in June was $995.3 million, $25.7 million above estimate. This brought fiscal-year PIT collections to $10.8 billion, which was $199.1 million, or 1.8 percent, below estimate.

June corporation tax revenue of $651 million was $180.4 million above estimate. Fiscal-year corporation tax collections totaled $5 billion, which was $38.8 million, or 0.8 percent, above estimate.

Inheritance tax revenue for the month was $71.5 million, $4.9 million below estimate. This brought the fiscal-year total to $827.7 million, which was $10.4 million, or 1.2 percent below estimate.

Realty transfer tax revenue was $28.8 million for June, $300,000 above estimate, bringing the fiscal-year total to $292.2 million, which was $800,000, or 0.3 percent, more than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and table games taxes, totaled $139.1 million for the month, $400,000 below estimate and bringing the fiscal-year total to $1.5 billion, which was $1.6 million, or 0.1 percent, above estimate.

Non-tax revenue totaled $119.6 million in June, $14.4 million above estimate, bringing the fiscal-year total to $529.5 million, which was $21.3 million, or 4.2 percent, above estimate.

In addition to the General Fund collections, the Motor License Fund received $199.9 million for the month, $12.7 million above estimate. Fiscal-year collections for the fund – which include the commonly known gas and diesel taxes, as well as other licenses, fine and fee revenues – totaled $2.4 billion, which was $2.2 million, or 0.1 percent, below estimate.

For more information, visit www.revenue.state.pa.us.